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FINANCIAL NEWS
Saudi-French Satrop raises USD1b Sukuk
10 Oct 2011
(MENAFN) Saudi Aramco Total Refining and Petrochemicals Company (Satrop) said that it managed to raise USD1 billion through selling Islamic bonds (Sukuk) for the company’s refinery project, reported AP.
Satrop added that the refinery, which would be based in Jubail in Saudi Arabia, would have the capacity to produce 400,000 barrels per day (bpd) once operations would start in late 2013.
It also said that the Sukuk was 3.5 times oversubscribed and would mature in a period of 14 years.
It is worth noting that refinery is a joint venture between Saudi Aramco and France’s Total S.A, the owners of Satrop.
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